On Saturday, the government-owned Bharat Heavy Electricals Limited reported its consolidated net loss of Rs. 1,534 crore in the Jan-March quarter. Earlier, the company had posted a net profit of Rs. 676 crore in the same quarter last fiscal.
The public sector company’s total income declined from Rs. 10,492 crore to Rs. 5,198 crore. Moreover, the firm’s total expense stands at Rs. 5,906 crore as compared to Rs. 9,217 crore in Q4FY19.
The company’s earnings before interest, taxes, and amortization (EBITA) stands at Rs. 560 crore against Rs. 925 crore in the corresponding quarter in FY19. Further, the net sales slipped by 53.65 percent to Rs. 4,594 crore in the quarter under review. This was against Rs. 9,912 crore in the same quarter.
In an exchange filing, the firm said that its manufacturing facilities and site executions were inoperative from March 23 to 31, which along with the Covid-19 impact globally (before the lockdown in India) impacted the revenues for the current fiscal year.
In addition, for the full fiscal year, the firm posted a net loss of Rs. 1,468.35 crore against a net profit of Rs. 1,002.42 crore the previous year. In a meeting, the board held back from recommending the final dividend for 2019-2020 owing to COVID-19, the filing stated.
